Red River Credit Union (Red River CU) has raised the rate on its 18-month Certificate (1.76% APY). The minimum opening deposit is $500, with no stated balance cap.
The 18-month Certificate has been part of the product line for more than six years. In that time, there has been 17 rate changes, ranging from a low of 0.75% APY to the current high of 1.76% APY.
The majority of Red River CU’s Certificates have the option of having dividends compounded monthly or quarterly, but the 18-month Certificate only offers monthly compounding.
In a Live Chat, CSR stated the Early Withdrawal Penalty for an "18-month CD is 180 days of simple interest."
Headquartered in Texarkana, Texas, Red River Credit Union's field of membership (FOM) is residency based, with individuals who live, work, worship, attend school, or volunteer in the following counties eligible for membership:
Texas: Bowie, Camp, Cass, Delta, Franklin, Harrison, Hopkins, Hunt, Lamar, Marion, Morris, Red River, and Titus.
Arkansas: Clark, Garland, Hempstead, Hot Spring, Howard, Lafayette, Little River, Miller, Nevada, Pike, and Sevier.
In the past, “immediate family members” (with specific relationships detailed) of current Red River CU members qualified for membership. The wording on the Open an Account page now reads, “relatives of current member-owners,” and the online application reads, “I'm a relative of a current Member-Owner. Their name is ________.”
Joining Red River CU and/or opening an 18-month Certificate can be done online, or at any of 18 Texas branches located in Atlanta, Clarksville, New Boston (2), Sulphur Springs, Texarkana (12), and Wake Village, or five Arkansas branches located in Ashdown, Hope, Nashville, and Texarkana (2).
Credit Union Overview
Red River Credit Union has an overall health grade of "A" at DepositAccounts.com, with a Texas Ratio of 2.88% (excellent) based on March 31, 2017 data. In the past year, Red River CU has increased its total non-brokered deposits by $49.96 million, an excellent annual growth rate of 7.58%. Please refer to our financial overview of Red River Credit Union (NCUA Charter # 5029) for more details.
Headquartered in Texarkana, Texas, Red River Credit Union is one of a handful of credit unions whose field of membership extends across state lines. (The City of Texarkana itself lies in both Texas and Arkansas.) Founded in 1943 by a small group of the Red River Army Depot employees, the Credit Union currently has more than 82,700 members and assets in excess of $801 million. Red River CU was named “Best Financial Institution for 2016” in the Four States Living Magazine “Best of Texarkana Awards.”
How the Certificate Compares
When compared to the 166 similar length-of-term CDs tracked by DepositAccounts.com that require a similar minimum deposit and are available to within the FOM, Red River Credit Union's 18-month Certificate APY currently ranks first.
The above rates are accurate as of 7/20/2017.